Also, is it good practice to hire a management company and STILL be slightly involved with the tenant as a landlord with fixing minor things, being available sometimes with issues, helping choose repair company as issues arise or is it better to just let management company deal with everything and make all decisions?

If it is a common practice, then I'm more curious about the terms and conditions that I could expect from a standard insurance companyThanks

Use this time to practice! 

The fixed/ practically fixed expenses and the variable expenses.  

I would recommend taking their practice exams until you can reach a score of 80-90% and you'll be fine for the exam.

Why is this not standard practice for mutifamily properties or long term rentals?

I am just wondering if I have any other better, practical options and if suing puts me in any better position. 

Our topic next week is Landlord and Leasing Best Practices which seems timely for you :)

Now I don't have either of these in my personal home, but when I am surfing homes to stay in in the Smokies and practically every home has these amenities, yours sticks out like a soar thumb. 

Partnering with a couple friends to buy the property, any best practices that need to followed?